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vice president bide anyone china today said u.s. treasury bonds are still the world's safest. the u.s. postal service warns it will run out of money next month unless congress acts. and "the help" was number one at the box office with a $20 million weekend. i'm russ mitchell, cbs news. [ ticking ] [ grunts ] we are! got it. [ male announcer ] don't be the last to know. get it faster with 4g. it's the network of possibilities. at&t. yep! (mom) i'm so proud of you. the bus is here, gotta go mom. okay hunny, have a great day. look in your bag, made you something. (announcer) it's more than just that great peanut taste, choosing jif is a simple way to show someone how much you care. choosey moms, choose jif. >> simon: tomorrow marks the one-year anniversary of a modern miracle. 17 days after having been trapped by a mine collapse and feared dead, 33 miners in chile were discovered alive. weeks later, the world watched, mesmerized, as one-by-one, the miners stepped from darkness into light in what may have been the greatest rescue operation since noah's ark. at the time, they were
vice president bide anyone china today said u.s. treasury bonds are still the world's safest. the u.s. postal service warns it will run out of money next month unless congress acts. and "the help" was number one at the box office with a $20 million weekend. i'm russ mitchell, cbs news. [ ticking ] [ grunts ] we are! got it. [ male announcer ] don't be the last to know. get it faster with 4g. it's the network of possibilities. at&t. yep! (mom) i'm so proud of you. the bus is here,...
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u.s. stocks falling ahead of the senate vote to raise the nation's borrowing limit. the treasury department says congress must raise the debt ceiling by the end of today. in order to allow the government to pay all of the bills. they're expected to do just that. the president says he will sign that bill. we'll go live to the new york stock exchange coming up in 15 minutes. >>> right now, we continue to follow developing news in san leandro. the alameda county sheriff department has blocked off lanes at 159 and east 14 as they investigate a shooting just off 580. for an hour, several lanes were closed westbound 580 but now reopened. no word whether the shooting involved the sheriff deputy, but we know an ambulance was called to the scene. so far, deputies are down there and releasing few details about the investigation. we have a crew on the scene gathering more information. we'll bring the updates to you as soon as we get them. >>> overnight, a statewide amber alert was canceled and 16-year-old bay area boy found safe after a bizarre and frightening kidnapping at ant
u.s. stocks falling ahead of the senate vote to raise the nation's borrowing limit. the treasury department says congress must raise the debt ceiling by the end of today. in order to allow the government to pay all of the bills. they're expected to do just that. the president says he will sign that bill. we'll go live to the new york stock exchange coming up in 15 minutes. >>> right now, we continue to follow developing news in san leandro. the alameda county sheriff department has...
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treasurys. >>> the president remains at camp david. don't be surprised if he does come to cameras and try to calm markets before they open later today. >>> there are conflicting reports this morning about the imminent release of the u.c. hikers held iran. they say iran's judiciary is still investigating the case. yesterday the foreign minister gave support to the hikers who have been held for more than two years. he says he hopes that a final court verdict will lead to their release and that verdict should be out soon. he is the highest ranking iranian official to speak out. >> ed lee is suspected to announce tomorrow that he will run for four-year term. he will do it without using any public money to finance his campaign. lee says it's not something he feels comfortable doing right now. cain spending reports show the other nine candidates have collected more than $3 million in city funding. >> look out for detours on parts of highway 101 in san mateo county. 101 will be shutting down between belmont and san mateo so they can painted t
treasurys. >>> the president remains at camp david. don't be surprised if he does come to cameras and try to calm markets before they open later today. >>> there are conflicting reports this morning about the imminent release of the u.c. hikers held iran. they say iran's judiciary is still investigating the case. yesterday the foreign minister gave support to the hikers who have been held for more than two years. he says he hopes that a final court verdict will lead to their...
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Aug 18, 2011
08/11
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the main goal here is for the u.s. to show china that it is still safe to invest in u.s. treasury bonds. >> it's very good i think for the biden party to reassure the chinese that it's still safe for china to pocket huge reserve in the u.s. treasury bonds, that will not be an expensive quantitative easing along the lines. >> biden will also visit part of china that were devastated by massive earthquake in 2008. this was vice president's biden first visit to china since taking that office. >>> still ahead, you can get the temperature with your direction. the new feature that just showed up on google maps. >> but first, the harsh message that president obama is sending syria's president today. >>> president obama is calling on syrian president to resign. the brutal response to protesters said he was unfit. president says he is imprezzing and slaughtering and torturing his own people. new sa announced today. syrian government assets in the u.s. have been frozen and americans are prohibited from making new investment in the country. this morning hillary clinton spoke about th
the main goal here is for the u.s. to show china that it is still safe to invest in u.s. treasury bonds. >> it's very good i think for the biden party to reassure the chinese that it's still safe for china to pocket huge reserve in the u.s. treasury bonds, that will not be an expensive quantitative easing along the lines. >> biden will also visit part of china that were devastated by massive earthquake in 2008. this was vice president's biden first visit to china since taking that...
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Aug 18, 2011
08/11
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the main goal here is for the u.s. to show china that it is still safe to invest in u.s. treasury bonds. >> it's very good i think for the biden party to reassure the chinese that it's still safe for china to pocket huge reserve in the u.s. treasury bonds, that will not be an expensive quantitative easing along the lines. >> biden will also visit part of china that were devastated by massive earthquake in 2008. this was vice president's biden first visit to china since taking that office. >>> still ahead, you can get the temperature with your direction. the new feature that just showed up on google maps. >> but first, the harsh message that president obama is sending syria's president today. copd makes it hard to breathe, so i wasn't playing much of a role in my own life, but with advair, i'm breathing better so now i can take the lead on a science adventure. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator, working together to help improve your
the main goal here is for the u.s. to show china that it is still safe to invest in u.s. treasury bonds. >> it's very good i think for the biden party to reassure the chinese that it's still safe for china to pocket huge reserve in the u.s. treasury bonds, that will not be an expensive quantitative easing along the lines. >> biden will also visit part of china that were devastated by massive earthquake in 2008. this was vice president's biden first visit to china since taking that...
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the down grade means for the first time in u.s. history the u.s. has a credit score that is less than perfect. it is an unprecedented black mark on a global scale. >> it is a very sad day, and the united states to see something like this to happen. >> he owns a business called econo systems. even more than the debt crisis, the rating company expressed concern that politicians will be ineffective and unpredictable in making the spending cuts they promised. >> it is a wake up call to our government. hopefully they will get their act together to enact the spending reductions they agreed to. >> the immediate impact of the down grade will be to increase interest on the $14 trillion debt which could ripple to higher interest rates for consumers. the question is will one down grade make a difference? rating companies lost credibility when they continue to give a triple-a rating to sub prime mortgage-backed securities. >> to say standard and poors is what caused the recession to begin with. >> they are blasting the analysis as fundamentally flawed and the
the down grade means for the first time in u.s. history the u.s. has a credit score that is less than perfect. it is an unprecedented black mark on a global scale. >> it is a very sad day, and the united states to see something like this to happen. >> he owns a business called econo systems. even more than the debt crisis, the rating company expressed concern that politicians will be ineffective and unpredictable in making the spending cuts they promised. >> it is a wake up...
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the job's machine minister says the trust in the dollar and u.s. treasuries has not wavered. in germany, prices are expected to drop because of uncertainty over both the u.s. and the european debt crisis. the european central bank says it will buy italian and spanish bonds to restore confidence and ward off more market turmoil. president obama said nothing about the historic down grade on returning from camp david, but it is high on his agenda. timothy geithner says standard and pours -- poors shows terrible judgment. but the agencies highlight investment risk and lower the u.s. from a triple-a score to a double a plus. >> the political gridlock in washington leads us to conclude that the policy makers don't have the ability to put the public finances of the u.s. on a sustainable footing. >> the policy makers and analysts say it is wrong. >> it will really sound strange for me to sarks but the government can't pate -- pay its debt. >> and they could be down graded too. since the down grade was announced late friday, the stock market hillary act on monday. larry jacobs, abc ne
the job's machine minister says the trust in the dollar and u.s. treasuries has not wavered. in germany, prices are expected to drop because of uncertainty over both the u.s. and the european debt crisis. the european central bank says it will buy italian and spanish bonds to restore confidence and ward off more market turmoil. president obama said nothing about the historic down grade on returning from camp david, but it is high on his agenda. timothy geithner says standard and pours -- poors...
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this debt ceiling debacle eroded safe haven reserve status of u.s. treasury market. and u.s. dollar and economy. and there is no longer great confidence. there is a lot of concern that had an impact on investors and we're seeing that today. investors pulled their money out of more risky classes. >> so pure speculation, how long do you think this will continue? what has to happen for us to get into a positive trend and get people more confident about the markets? >> this ball is in the fed's court. you know? this likelihood of a qe 3 is definitely quite significantly higher than it had been say, two, three weeks ago. the market is waiting to see some form of communication from the feds as to what they feel is prudent going forward. we believe that is on the board. >> what are you advising clients now? >> just would say to clients is that central banks are diversifying away from u.s. dollar given the fact that they no longer can trust policy makers here to do the right thing. and that we believe is a prudent approach. and u.s. seems to have a substantial allocation, overexplosi
this debt ceiling debacle eroded safe haven reserve status of u.s. treasury market. and u.s. dollar and economy. and there is no longer great confidence. there is a lot of concern that had an impact on investors and we're seeing that today. investors pulled their money out of more risky classes. >> so pure speculation, how long do you think this will continue? what has to happen for us to get into a positive trend and get people more confident about the markets? >> this ball is in...
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debt, the treasury note fell from what it was before the down grade. and since rates are set on a 10-year note, fears seem unjustified for now. and coming up at 6:00, politics being played and what it means in the race for the white house. >> this is hard not to be nervous. we are now putting this into perspective. david? >> well, much of the analysts we've talked to say much of the selloff has been tied to hedge funds and other investors. and for individuals, days like today can be unnerving. >> i'm just hoping very a long enough runway. >> everywhere, people have an unsettled feeling. investments turning souer. >> they're trying to get out now before panic sets in. >> this advisor is talking to clients who seek reassurance. and large institutional investors are selling off and small investors may feel helpless in europe. >> investors need to focus on things they can control. how much money they spend and safe. the diverse fiction of the portfolio, keeping that sper suspective it can be difficult when you see stock prices plunge. and when gold prices
debt, the treasury note fell from what it was before the down grade. and since rates are set on a 10-year note, fears seem unjustified for now. and coming up at 6:00, politics being played and what it means in the race for the white house. >> this is hard not to be nervous. we are now putting this into perspective. david? >> well, much of the analysts we've talked to say much of the selloff has been tied to hedge funds and other investors. and for individuals, days like today can be...
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treasury bond. >> tom campbell says compared to the world, the u.s. ratio of total debt to total output looks pretty good. 67.9% in the u.s. compared to 79.7% in the united kingdom, 86.7% in france, and over 76% in germany. and they may well put them into double a plus rating as well. >> and he says it doesn't mean it's a risky investment. there was a huge selloff completed by a buy of u.s. treasuries and gold, invest looks -- looked for a safe place to put their money. >> if there is good news, it's about oil prices, crude oil fol $81.31 per barrel. gas prices could fall 35 cents per gallon. the parent company of standard and poor fell 8.6% comparing to 5.5% that the dow saw plunge. >> violence and looting tonight and in london, groups of young people rampaged throughout the streets setting fires and breaking windows and looting stores, officers in riot gear tried to break up the mobs and they were being pelted with bottles and fire works. and saturday when a protest over a police shooting turned violent. police say it's mostly the work of anaarchist
treasury bond. >> tom campbell says compared to the world, the u.s. ratio of total debt to total output looks pretty good. 67.9% in the u.s. compared to 79.7% in the united kingdom, 86.7% in france, and over 76% in germany. and they may well put them into double a plus rating as well. >> and he says it doesn't mean it's a risky investment. there was a huge selloff completed by a buy of u.s. treasuries and gold, invest looks -- looked for a safe place to put their money. >> if...
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treasuries and our credit di worthiness because they're still turning to u.s. treasuries because out of all other countries in the world it's still considered a safe haven. china, japan and the uk continue to maintain treasury holdings. >> all right, "gma weekend" anchor bianna golodryga pulling double duty with us this morning. >>> meanwhile, we're learning more about the 30 americans killed when their helicopter was shot down in afghanistan. they were coming to the aid of army rangers under fire there. the officials do not believe that the taliban knew the 22 navy s.e.a.l.s were onboard the helicopter taken down. the remains of those lost t e expected to be returned home by tomorrow. >>> and if you're a verizon customer, be prepared to wait today if you need phone, internet or tv service repaired or installed. some 45,000 verizon employees from massachusetts to washington, d.c., are on strike, protesting health care costs and pension changes. some say thehetrike could last for months. verizon wireless, however, is not affected. >>> and in medical news, new gu
treasuries and our credit di worthiness because they're still turning to u.s. treasuries because out of all other countries in the world it's still considered a safe haven. china, japan and the uk continue to maintain treasury holdings. >> all right, "gma weekend" anchor bianna golodryga pulling double duty with us this morning. >>> meanwhile, we're learning more about the 30 americans killed when their helicopter was shot down in afghanistan. they were coming to the...
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. >> safest place for your money is the most ironic place, that's u.s. treasuries. >> we contacted more than a dozen experts on this, and they all greed on the main advice. and the most important advice may be the hardest, be patient. even if it takes nerves of steel, robin. >> it does. and americans have been consistent with that message. >>> now, to the other big story this morning, london on fire. wave of violence and looting raging across the city.. rioters setting buildings ablaze during the third day. abc's lama hasann has been tracking the latest and joins from us london. good morning. >> reporter: good morning, robin. while nerves are playing here, i'm standing in an affluent part of time. take a look. and this after another night of unprecedented levels of violence, violence that has now spread to three major cities outside the capital. overnight, the images are apocalyptic. a young woman is forced to jump out of a buildininengulfed in flames out of the safety of rescuers below. so many fires burning, raging out of control, across the city and s
. >> safest place for your money is the most ironic place, that's u.s. treasuries. >> we contacted more than a dozen experts on this, and they all greed on the main advice. and the most important advice may be the hardest, be patient. even if it takes nerves of steel, robin. >> it does. and americans have been consistent with that message. >>> now, to the other big story this morning, london on fire. wave of violence and looting raging across the city.. rioters...
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will that be enough to avoid having the u.s. credit rating downgraded? treasury secretary tim geithner says he just doesn't know. rob and tanya? >> karen travers, thank you for that. congresswoman debbie wasserman schultz was one of the few people who knew that giffords would be returning to the house. >> the florida lawmaker got the good news in a text message om her husband, mark kelly, early monday morning. wasserman schultz describes what it was like to see her good friend back there at work. >> i've never seen more electricity on the floor erupt than when she triumphantly, as we hoped and predicted when we talked about it a few months ago, when she walked up those stairs. it was just absolutely amazing. she received thunderous applause, hugs, tears. even the hardest heart, which we had a lot of hardened hearts in this debate, just melted when she walked in the room. >> i believe it. giffords has not said whether she'll run for re-election next year but many do believe her return to the house is a step in that direction. >> and of course nowhere was
will that be enough to avoid having the u.s. credit rating downgraded? treasury secretary tim geithner says he just doesn't know. rob and tanya? >> karen travers, thank you for that. congresswoman debbie wasserman schultz was one of the few people who knew that giffords would be returning to the house. >> the florida lawmaker got the good news in a text message om her husband, mark kelly, early monday morning. wasserman schultz describes what it was like to see her good friend back...
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treasury bonds, second to china. >> akiko, what is happening with the yen now? do you think the government is going to have to intervene again? >> reporter: the japanese finance minister and the economic minister both said they won't hesitate to step in if they see the yen climb back up again. the yen fell 4% last week after the government intervened but it has climbed back up again since. today we saw it end below 78 yen against the dollar. at least one fellow finance minister said he thinks the yen will end the year 73 against the dollar. troubling numbers there. so the government is keeping a close watch and you can expect them to make a move as soon as they see the yen reaching those record levels again. >> all right, our thanks to abc's akiko fujita reporting live from tokyo. we'll be following the credit crisis and the worldwide impact of the credit crisis all morning long. look for more live reporting later on "america this morning" and "good morning america." >>> u.s. officials say the military personnel who died in a helicopter crash in afghanistan over
treasury bonds, second to china. >> akiko, what is happening with the yen now? do you think the government is going to have to intervene again? >> reporter: the japanese finance minister and the economic minister both said they won't hesitate to step in if they see the yen climb back up again. the yen fell 4% last week after the government intervened but it has climbed back up again since. today we saw it end below 78 yen against the dollar. at least one fellow finance minister said...
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he's long been bullish, u.s. treasuries. he doesn't expect another recession. whether he's right or wrong, we'll see. when he talks, people listens. >> always a champion of the economy he is. >>> we're following a strike by 45,000 workers at verizon communications. one of the nation's largest phone companies. they work for verizon units providing internet and land line phone services in the northeast. the dispute involves a push to eliminate some pensions altogether and workers are being asked to pay for their own health care, in part. >>> there is a developing story outside akron. police say a family argument led to thehehooting deaths of at least eight people. many from the same family. one of them an 11-year-old. two have been wounded. the shootings occurred in two locations. it is not clear what was behind that argument. >>> overseas, new unrest has erupted on the streets of north london after a night of anarchy and violence in tottenham. the mayhem last night began when a peaceful protest against the shooting death of an unarmed man by police descended int
he's long been bullish, u.s. treasuries. he doesn't expect another recession. whether he's right or wrong, we'll see. when he talks, people listens. >> always a champion of the economy he is. >>> we're following a strike by 45,000 workers at verizon communications. one of the nation's largest phone companies. they work for verizon units providing internet and land line phone services in the northeast. the dispute involves a push to eliminate some pensions altogether and workers...
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treasury bills china seeks washington's reassurance that their debts are secured, of course. his trip is getting unintended goodwill, too, from a photograph of newly appointed ambassador gary locke. here is the picture of locke bying his own coffee in the seattle airporten route to china. it charmed a lot of people. they are not used to such frugality for their people. a businessman uploaded it to the internet in china and it has gone viral. >>> best buy is not happy at all with the hp touchpad sales performance or more accurately the lack thereof. reports say the company has sold less than 10% of its stockpile of 270,000 touchpads. best buy wants hp to take the unsold touch pads back. hp is is asking the company to be patient and hold on to them. the tablets got mixed reviews when they came out five weeks ago. >>> like most cities around bay area, san jose is dealing with deficit problems. san jose is considering selling one of its three golf courses but as david louie reports that idea has tweaked a raw nerve. >> reporter: ainge st. louis considered a valuable asset to east
treasury bills china seeks washington's reassurance that their debts are secured, of course. his trip is getting unintended goodwill, too, from a photograph of newly appointed ambassador gary locke. here is the picture of locke bying his own coffee in the seattle airporten route to china. it charmed a lot of people. they are not used to such frugality for their people. a businessman uploaded it to the internet in china and it has gone viral. >>> best buy is not happy at all with the hp...
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. >> it didn't discourage investors from buying u.s. treasuries. that market is booming, pushing interest rates lower. >> the trend certainly has been lower over the last week or two. >> the president of california's association of mortgage professionals says mortgage rates will likely dip to 4%. but it won't help the housing market because confidence in the economy has disappeared. >> we are missing that piece right now. >> yesterday, the president said the problem was political, lawmakers unable to compromise for the good of the economy. today a cnn poll showed rising negative numbers for the republican party. democratic numbers were holding steady. but the tea party negative views are up. tea party favorite, michele bachmann. >> we are going to get the triple-a credit rating back. we are going to do it and this is how. we are going to cut spending now. >> abc7's political analyst. >> basically, republicans are going to believe that it's obama's fault and democrats are going to believe it's the tea party's fault and the state voters will think it
. >> it didn't discourage investors from buying u.s. treasuries. that market is booming, pushing interest rates lower. >> the trend certainly has been lower over the last week or two. >> the president of california's association of mortgage professionals says mortgage rates will likely dip to 4%. but it won't help the housing market because confidence in the economy has disappeared. >> we are missing that piece right now. >> yesterday, the president said the...
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the u.s. treasury put them on their sanctions list, which meant if aid workers were in the areas of they were operating, any aid that went into al shabaab hands would result in them being penalized. they were demanding taxes and cuts from the aid, to allow any of that to reach the communities in need. the u.s. has suspended that ban. many worry that's coming too late. a lot of aid organizations aren't even present in those areas. here in mogadishu, the sense is that that concern over militants being able to use the aid has slowed the aid response, even in areas where they could have reached. here in mogadishu, there's an airport. people are able to come in. there is an african u.n. security force trying to secure the areas to deliver the aid. the issue really is that the aid is not being sent in from the outside world, ali. >> nima, thank you for staying on top of the story and letting our viewers understand how serious and devastating the problem is in somalia. nima elbigyar is with us. >>> b
the u.s. treasury put them on their sanctions list, which meant if aid workers were in the areas of they were operating, any aid that went into al shabaab hands would result in them being penalized. they were demanding taxes and cuts from the aid, to allow any of that to reach the communities in need. the u.s. has suspended that ban. many worry that's coming too late. a lot of aid organizations aren't even present in those areas. here in mogadishu, the sense is that that concern over militants...
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security holders of u.s. treasury securities saying things like basically we'll keep an eye on you. yeah you got this debt deal done but there are a whole lot of things wrong with your economy. vladmir putin says we're like a parasite living beyond our means and putting our economic problems onto the rest of the world. how does it feel to be chided by china and russia. >> the vladmir putin, sued coauthoritarian communist that criticism is rich bus doesn't make him wrong. since the administration came into office the chinese at every opportunity whether sitting with obama, secretary of state hillary clinton, treasury secretary tim geithner, they have been lecturing us about spending and debt. they're worried about their own holdings as is putin and the russians and they're absolutely right. but isn't it ironic you have a former communist nation in russia and currently communist nation in china lecturing us about deficits and spending and debt, and they're the ones that are right. shannon: they're going to be w
security holders of u.s. treasury securities saying things like basically we'll keep an eye on you. yeah you got this debt deal done but there are a whole lot of things wrong with your economy. vladmir putin says we're like a parasite living beyond our means and putting our economic problems onto the rest of the world. how does it feel to be chided by china and russia. >> the vladmir putin, sued coauthoritarian communist that criticism is rich bus doesn't make him wrong. since the...
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treasury secretary tim geithner to go. lou dobbs is on that next. >>> and the head of the rnc joins me live to respond to the president's comments. >>> plus, an attack on mothers' maternity leave and me! specifically coming up, you don't want to miss my one-on-one with the man who had this to say while i was out. >> and she does a good job. she really -- and megyn's still on maternity leave, right? >> what do you mean, are you complaining? she's bonding with her baby. >> what a racket that is. i mean, men don't get to bond. ♪ let me entertain you ♪ let me make you smile ♪ let me do a few tricks ♪ some old and then some new tricks ♪ ♪ i'm very versatile ♪ so let me entertain you ♪ and we'll have a real good time ♪ [ male announcer ] with beats audio and flash, you can experience richer music and download movies straight to the new hp touchpad with webos. is besabsorbed in small continuous amounts. only one calcium supplement does that in one daily dose. new citracal slow release... continuously releases ca
treasury secretary tim geithner to go. lou dobbs is on that next. >>> and the head of the rnc joins me live to respond to the president's comments. >>> plus, an attack on mothers' maternity leave and me! specifically coming up, you don't want to miss my one-on-one with the man who had this to say while i was out. >> and she does a good job. she really -- and megyn's still on maternity leave, right? >> what do you mean, are you complaining? she's bonding with her...
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and told them that the u.s. treasuries has a waiver. he called them an attractive financial product. he has a vote of confidence out there. >> abc's keiakkiko fujita in to. >>> and a hospital shoutdown in afghanistan this weekend will come home. 30 americans were killed. 22 were navy s.e.a.l.s. one by one, we're learning their nameme and yunji de nies has their story. >> reporter: they are the military's elite. their identities kept so secret. but now, in death, we're learning more about these heroes. 25-year-old michael strange, served in iraq, africa and afghanistan. and had just gotten engaged. >> he got deployed again in july. and he said he would be home for thanksgiving. he was a great kid, man. >> reporter: his family says he understood that his dedication came with great risk. >> he knew what he was getting into. it's unreal. and when i heard about it happened. and now, it happened to us. >> reporter: and to the family of 30-year-old aaron carson vaughn, a father of two, with a newborn daughter he had been with for two weeks bef
and told them that the u.s. treasuries has a waiver. he called them an attractive financial product. he has a vote of confidence out there. >> abc's keiakkiko fujita in to. >>> and a hospital shoutdown in afghanistan this weekend will come home. 30 americans were killed. 22 were navy s.e.a.l.s. one by one, we're learning their nameme and yunji de nies has their story. >> reporter: they are the military's elite. their identities kept so secret. but now, in death, we're...
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on thursday they got out of riskier things like stocks and went in to safe places like gold and u.s. treasuris and then bill gross atimco yesterday, he said that fact that they flocked to treasuries means another recession and the united states is running out of options not what ben bernanke want to hear right now. this next week fed officials meet in jack upononh-- jackson, wyoming. sure enough in november 2010 they did that and the markets loved it. if you look at last year at this time august 201 e. markets were down and talking about a helicopter . helicopter ben stepped in and september, which is usually a bad month for the stock market was a great month for stocks . uma, it is different this year and this time. there isn't seem to be more that they can do. many people in the markets are saying stim tim was a band aid and what the economy needs is major stimulus. any stim tim is not what the markets are going to want to hear. they like it temporarily always need more. >> the roller coaster continues. >> and catch more of cheryl monday through friday when she anchors at 12:00 noo
on thursday they got out of riskier things like stocks and went in to safe places like gold and u.s. treasuris and then bill gross atimco yesterday, he said that fact that they flocked to treasuries means another recession and the united states is running out of options not what ben bernanke want to hear right now. this next week fed officials meet in jack upononh-- jackson, wyoming. sure enough in november 2010 they did that and the markets loved it. if you look at last year at this time...
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now that lofty status made the u.s. treasury bond one of the worldest safest investments and allowed uncle sam to borrow at extraordinarily keep rates. savings pass on to you when you buy a home, car or credit card. >> reporter: white house press secretary carney put out a statement that did not mention the downgrade but talked about the circumstances that lead to the downgrade. carney said, the bipartisan commission on deficit reduction or the bipartisan compromise, i'm sorry, was an important step in the right direction. yet, the path to getting there took too long and at times too divisive. he says we must do better to make clear our nation's capacity to work together to tackle our challenges. that's the reaction of the white house coming this morning. >> we stand the white house is upset over this. there's a flood of reaction from capitol hill. what are we hearing from members of congress so far? >> from republicans no shortage of criticism for the president and his admid%gñhqiq%=99ñ senator demint is calling for
now that lofty status made the u.s. treasury bond one of the worldest safest investments and allowed uncle sam to borrow at extraordinarily keep rates. savings pass on to you when you buy a home, car or credit card. >> reporter: white house press secretary carney put out a statement that did not mention the downgrade but talked about the circumstances that lead to the downgrade. carney said, the bipartisan commission on deficit reduction or the bipartisan compromise, i'm sorry, was an...
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treasury note of ten years. that's been trending down, he is close to 2.6 after dropping to 2.6 on friday in trading. we're watching that action very closely. we're waiting to see what the estimates could be. we're hearing anywhere from a half point higher to as much as a full percentage point higher. but again, the treasury note is still at historic lows. back to you. >> rick: i was reading that this could affect people when they go to borrow money. they go to borrow money for a car or for college. how quickly until the sort of ripple effects start to have an effect on people's pocketbooks? >> it could happen pretty quickly if the markets are convinced that s & p is going to possibly downgrade us even a notch further, down to aa status. right now only one other country has a double a plus and triple a from moody's and that is new zealand. the issue is also what's royaling the markets is the potential that s & p again could pursue a downgrade, possibly of the other triple a countries that are still out there, ce
treasury note of ten years. that's been trending down, he is close to 2.6 after dropping to 2.6 on friday in trading. we're watching that action very closely. we're waiting to see what the estimates could be. we're hearing anywhere from a half point higher to as much as a full percentage point higher. but again, the treasury note is still at historic lows. back to you. >> rick: i was reading that this could affect people when they go to borrow money. they go to borrow money for a car or...
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that means u.s. treasuries are rated lower and they are riskier invevment than germany, france and canada and the uk. i am holly henningburg and we begin with a senior correspondant for fox business in the work. it seemed like a shock. but promise it shouldn't have been because the s&p warned in the debt talks this might happen if there were not more spending cuts. >> absolutely. this is the most del greated downgrade. i have covered them not in the u.s.. but it is unprecedented it is telegraphed and one of the most i have ever seen in the corporate deals in a long time. i don't think the markets will be that upset with this. we'll see. i am not encouraging people to buy s&p futures. but it will be an interesting monday morning opening and the people i talked to. when it started filtered out and leaked out by the government preparing everybody that it was happening and people on wall street that the market reaction will not be that great. it is a huge political stories and hearing rumblings in washin
that means u.s. treasuries are rated lower and they are riskier invevment than germany, france and canada and the uk. i am holly henningburg and we begin with a senior correspondant for fox business in the work. it seemed like a shock. but promise it shouldn't have been because the s&p warned in the debt talks this might happen if there were not more spending cuts. >> absolutely. this is the most del greated downgrade. i have covered them not in the u.s.. but it is unprecedented it is...
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treasury. federal election commission report claiming the campaign improperly received federal funds, a committee for the campaign disputes the assessment but -- it is that assessment separate from other legal troubles that edwards is facing. in june, john edwards pleaded not guilty to breaking campaign finance law, that was concerning the cover up of his extra marital affair. you may remember she's the campaign photographer with whom he fathered a little girl, there they are. >> joining us financial leaders from the world's biggest economies, working to try to contain the fall out after standard and poor's downgraded the u.s. credit rating. this morning, chris wallace talked with david bears from standard and mr.'s asked him which political party is most responsible. >> chris, in this country, both congress and administration are jointly response i will for the conduct of fiscal policy. and this is really not about either political party. >> do you need to see a mix, does any compromise have t
treasury. federal election commission report claiming the campaign improperly received federal funds, a committee for the campaign disputes the assessment but -- it is that assessment separate from other legal troubles that edwards is facing. in june, john edwards pleaded not guilty to breaking campaign finance law, that was concerning the cover up of his extra marital affair. you may remember she's the campaign photographer with whom he fathered a little girl, there they are. >> joining...
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many asian countries say they stan behind the safety of u.s. treasuries. they account for -- half of foreign owned u.s. debt and say they are likely to keep their treasury holdings for now. so too european governments showing confidence in the world's largest economy, again for now. we may see small investors run there, because even though a debt downgrade almost always means higher interest rates that could hit average americans in mortgages, credit card rates, auto loans. maybe perhaps a good time to start dealing with those credit card balances. get help from counselors who can help with debt. two of the major rating as agencies affirm the safety of the u.s. debt, s&p's biased is to take the u.s. rating lower. the world's leading economy -- economies, discussing today the stability of the markets. asian markets opening this evening. japan lost ground in past week. u.s. markets in correction mode losing more than 10%. the most since the meltdown in 2008. will the fed jump in with more help? can washington patch up the damage it has done? u.s. investors w
many asian countries say they stan behind the safety of u.s. treasuries. they account for -- half of foreign owned u.s. debt and say they are likely to keep their treasury holdings for now. so too european governments showing confidence in the world's largest economy, again for now. we may see small investors run there, because even though a debt downgrade almost always means higher interest rates that could hit average americans in mortgages, credit card rates, auto loans. maybe perhaps a good...
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they're actually buying for u.s. debt. alisyn: sandra, i'll give you the last word. >> confidence has been battered right now. people don't know what to do. they want someone to lead this country, they're desperate for leadership. they want to see politics, they -- >> of course, but they'll take obama back in a second. they'll take obama back in a second. >> alisyn, i thought i got last word! alisyn: i don't know what charlie is doing, horning in there! but sandra -- sandra, point well taken. you've made great points and obviously the market is up at the moment, 121 points, so we'll leave it on a good note. charlie gasparino, charlie -- sandra smith, thank you very much. bill: i love it when they disagree. alisyn: you're in the right place. bill: i don't like when they say you're right about that because the mix of opinion is reflected in what we've seen in the past week. you asked them about the politics of the economy and last night debate, who do you think won last night? and 3000 votes in 30 minutes, at the moment, onl
they're actually buying for u.s. debt. alisyn: sandra, i'll give you the last word. >> confidence has been battered right now. people don't know what to do. they want someone to lead this country, they're desperate for leadership. they want to see politics, they -- >> of course, but they'll take obama back in a second. they'll take obama back in a second. >> alisyn, i thought i got last word! alisyn: i don't know what charlie is doing, horning in there! but sandra -- sandra,...
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department, but the reality is if you look at the discussion about the downgrade to the u.s. from our aaa rating had been taking place literally for months, so the administration knew when was -- it was coming, then you have this investigation which it's been confirmed that it's civil, the doj, the department of justice, isn't talking about it, but the witnesses they've talked to have been talking about this, and they're saying it's a civil investigation of s&p in the mortgage-backed security issues, but it does look a little too cute, a little too close in timing as if it's payback for the downgrade, and to politicize that downgrady think is a mistake, and i'm hopeful, but i have no evidence to back up my hope, that the department of justice isn't doing this just as a political maneuver to say we're going to go after s&p. they went after us. i hope it's not political payback. martha: you know, when you look at it, though, on the basis of it, there is certainly every reason to investigate s&p's behavior. >> absolutely. martha: and the other credit agency's behavior with regar
department, but the reality is if you look at the discussion about the downgrade to the u.s. from our aaa rating had been taking place literally for months, so the administration knew when was -- it was coming, then you have this investigation which it's been confirmed that it's civil, the doj, the department of justice, isn't talking about it, but the witnesses they've talked to have been talking about this, and they're saying it's a civil investigation of s&p in the mortgage-backed...
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from the treasury department, it reveals u.s. debt shot up 238 billion dollars on tuesday. that brings our new total to well over $4.5 trillion. america, now, in the same debt league as greece and italy and ireland, and it might get worse. i mean, rome and athens are great places to visit. >> they are. bill: probably wouldn't want to do a whole lot of business. i'm bill hemmer, good morning. alisyn: good morning to you, i'm al sin camarota. our debt is more than 100% of our gdp. this is the largest one-day bump in history. bill: can't make it up. stuart varney, fox business network, what does all this mean to you and me? >> reporter: let's spell it out in plain establish, the economy is $14.5 trillion, the debt is $14.5 trillion. in other words, the debt is now 100% of our economy. haven't seen that since 1947 coming out of world world war i. as you said, bill, we're in the same league now as italy. what does it mean? it means that the debt situation is worsening very, very rapidly, and it means that the debt deal just completed is meaningless as far as deficit reduction is
from the treasury department, it reveals u.s. debt shot up 238 billion dollars on tuesday. that brings our new total to well over $4.5 trillion. america, now, in the same debt league as greece and italy and ireland, and it might get worse. i mean, rome and athens are great places to visit. >> they are. bill: probably wouldn't want to do a whole lot of business. i'm bill hemmer, good morning. alisyn: good morning to you, i'm al sin camarota. our debt is more than 100% of our gdp. this is...
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people are parking their money in u.s. treasuries, despite the downgrade. this is the safest bet in town. one of the ramifications that investors are talking about is municipal bonds. they may follow suit in terms of a downgrade because they're tied to the federal government. because the aaa bond rating went down at the federal level. that may also happen to municipal levels as well. one investor says a lot of concern, not fear at this point, but all eyes obviously on the opening markets, stock market. >> thanks, ted. what that means, municipal bonds are cut, too, that means it's harder or costs a little bit more for local governments to raise money, to do the things they have to do. that's why it could affect you. ted rowlands, thank you very much. >> very good setup to what i'm about to talk about. he said yields are actually down. the cost of borrowing for the united states, ironically, is lower today than it was friday night. everybody is worried about your credit card interest going up, mortgage interest going up, we're not entirely certain that's goin
people are parking their money in u.s. treasuries, despite the downgrade. this is the safest bet in town. one of the ramifications that investors are talking about is municipal bonds. they may follow suit in terms of a downgrade because they're tied to the federal government. because the aaa bond rating went down at the federal level. that may also happen to municipal levels as well. one investor says a lot of concern, not fear at this point, but all eyes obviously on the opening markets, stock...
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buffet, send the u.s. treasury a check. blogs fired back. the red dog said -- >> never mind that polls show most americans favor taxing the rich and many economists say spending cuts alone will not solve our debt woes. the talk back question today, is warren buffett's tax compromise a good idea or just politics? facebook.com/americanmorning. i'll read your comments later this hour. >>> mega rich people watching us, we would love to hear from you too. >> have your people send us an e-mail. >> have your people send us. coming up ahead on "american morning," the battle for libya is escalating with gadhafi forces reportedly using a weapon they have never used before. we're live in tripoli with the latest on that. >>> then a flash mob in action. an attack on a 7-eleven, 30 robbers working in sync. the stunning surveillance video just ahead. >>> some unexpected thrills at the fair. 60 feet in the air. how this situation turned out ahead on thing this "american morning." releases armiesol technoloy of snowmen masseuse, who cuddle up with your soren
buffet, send the u.s. treasury a check. blogs fired back. the red dog said -- >> never mind that polls show most americans favor taxing the rich and many economists say spending cuts alone will not solve our debt woes. the talk back question today, is warren buffett's tax compromise a good idea or just politics? facebook.com/americanmorning. i'll read your comments later this hour. >>> mega rich people watching us, we would love to hear from you too. >> have your people...
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and evidence of that is right now the ten-year treasury bill is at about 2.5%. that means people are lending money to the u.s. at 2.5%. i don't know about you, anderson. but i would be happy to take out a loan at 2.5%. there's not a credit worthiness issue. the real worry is, the whole world is concerned that the industrialized west has not recovered from the economic crisis of 2008. and that there is this generalized economic weakness in the united states, in europe, that we are still incredibly frail. and i think there is a real danger of a double-dip recession. >> david, we're hearing a lot of people talking about a double-dip recession. do you think these fears are justified? >> i think there's a chance we could have it. i hope we avoid it. it's possible, not probable. there's two things people are concerned about. weak economic recovery. high unemployment. personal income is barely growing at all. consumption is very weak. consumer confidence is also very weak. then, you've got spain and italy with their own debt problems. quite frankly, we've got more time
and evidence of that is right now the ten-year treasury bill is at about 2.5%. that means people are lending money to the u.s. at 2.5%. i don't know about you, anderson. but i would be happy to take out a loan at 2.5%. there's not a credit worthiness issue. the real worry is, the whole world is concerned that the industrialized west has not recovered from the economic crisis of 2008. and that there is this generalized economic weakness in the united states, in europe, that we are still...
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just today the u.s. ten-year treasury, the yield was down to 2.34%. that's still really cheap. so in the short term, investors are putting their money in u.s. treasuries. >> what about that to chrystia's point, letting the bush tax era expire? >> i don't think it's up to any agency to tell a sovereign nation how to put its finances in order. what they need to be concerned about is where are we headed with regard to deficits and where are we headed with regard to debt to gdp and it's part of elected officials to decide how to bring those numbers under control. and has r as already has been said, there's no question we're going to need revenues 18% of gdp, which is historical average over time, in addition to entitlement reform and cutbacks and restraints. but we're dealing with a very economic recovery right now. we have very high unemployment and it's not just a matter of what you do. it's how you do it and when you do it that matters. >> ali, what do you think this means for ordinary -- go ahead, ali. >> i was just going to say to david's point, ther
just today the u.s. ten-year treasury, the yield was down to 2.34%. that's still really cheap. so in the short term, investors are putting their money in u.s. treasuries. >> what about that to chrystia's point, letting the bush tax era expire? >> i don't think it's up to any agency to tell a sovereign nation how to put its finances in order. what they need to be concerned about is where are we headed with regard to deficits and where are we headed with regard to debt to gdp and it's...
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the u.s. banks. they were well capitalized. there have been some concerns that bank of america may need to raise additional capital that's been a big drag. although the company's ceo has denied that. i think that we are in a much better position than the european banks. we don't have that much direct or indirect exposure to europea. it's not an inkrshl amount. it's not enough to tom the system. people worry about contagion. it should if we see further deterioration in europe or a collapse there. it would be inescapable to not have some problems here at home. >> finally, ron, you're a veteran fed watcher. how did you read what happened yesterday? the fed was divided in the open market committee on policy. they took some steps. didn't do perhaps as much as some might have wanted. >> unfortunately the fed is started to look like the rest of washington, where you have a group, a minority that the trying to hold policy hostage that their views that inflation is a bigger problem for us. i've been ar
the u.s. banks. they were well capitalized. there have been some concerns that bank of america may need to raise additional capital that's been a big drag. although the company's ceo has denied that. i think that we are in a much better position than the european banks. we don't have that much direct or indirect exposure to europea. it's not an inkrshl amount. it's not enough to tom the system. people worry about contagion. it should if we see further deterioration in europe or a collapse...
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realistically the chi naez have no state and run on u.s. treasury notes. there will be a lot of tongue lashing but actual business getting done. >> at the same time joe biden wants to push back on some of their claims on the south china seas. we need china. we need china on iran if the security council, on libya, certainly on syria where they have not been as helpful. we're not happy about some of the militarism they've been expressing. >> i think there's debate within the chinese leadership about the overreach of the past year. over the past year there's a lot of aggressiveness by the chi nez military and leaders expanding their territorial claims. they've had so much resistance from the japanese, the vietnamese, the indonesians flocking to the u.s. for help. they're raelding they went too far for that. >> your article, what are you seeing in terms of human rights crackdown and censorship? >> what's been surprising is this past six or eight months it's been the most intense crackdown. it's not to the scale of the tin men square repressions. the debate is
realistically the chi naez have no state and run on u.s. treasury notes. there will be a lot of tongue lashing but actual business getting done. >> at the same time joe biden wants to push back on some of their claims on the south china seas. we need china. we need china on iran if the security council, on libya, certainly on syria where they have not been as helpful. we're not happy about some of the militarism they've been expressing. >> i think there's debate within the chinese...
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treasury market, interestingly enough. today, even gold is not catching a bit. it's down. all asset classes are falling together. that's the type of panicky style move we saw a few years ago. may not mean the same thing, but it's starting to look very similar in a certain sense. >> the news could not be worse politically at least for the administration. you have a jobs report coming tomorrow. we don't know what it's going to show. initial claims today, marginally down, a slight improvement there, but we really haven't seen any kind of improving trend. >> reporter: no, and you know, we did see -- we got a private number yesterday from the processing company that does these estimates of payroll growth, and it showed gains in the private sector of 114,000 which is bigger than they're expecting tomorrow. but the thing here is that, i have made this point on cnbc, is that there is a belief among what i'll call faux-conomists, that austerity in the united states right now will bring prosperity. that is not the case. we are at a very delicate point in this economic recovery where
treasury market, interestingly enough. today, even gold is not catching a bit. it's down. all asset classes are falling together. that's the type of panicky style move we saw a few years ago. may not mean the same thing, but it's starting to look very similar in a certain sense. >> the news could not be worse politically at least for the administration. you have a jobs report coming tomorrow. we don't know what it's going to show. initial claims today, marginally down, a slight...
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bond in the u.s. it's very much concerned about security. for u.s. want china to be more more cooperative and continue to buy the u.s. treasury bonds and also to have more banners that trade, rather than hoping that the china will appreciate its r&b. >> so, chang li, you mentioned about the south china sea disputes and the u.s. armed sales with taiwan, indeed a cause of tension for both sides. the hope that they'll be able to resolve these issues during this meeting. >> well, but of course both sides should listen to each other. and -- but also at the same time we should -- [inaudible] because both really need each other and economically, they are so much integrated. but also there are political issues because next year will be a political year for both countries, u.s. will have presidential election, china will have leadership succession and the vice president, whom vice president will biden will meet and spend time together, will be the successor to hue jing to you. the relationship to him is import
bond in the u.s. it's very much concerned about security. for u.s. want china to be more more cooperative and continue to buy the u.s. treasury bonds and also to have more banners that trade, rather than hoping that the china will appreciate its r&b. >> so, chang li, you mentioned about the south china sea disputes and the u.s. armed sales with taiwan, indeed a cause of tension for both sides. the hope that they'll be able to resolve these issues during this meeting. >> well,...
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treasuries? >> we had weak economic data and then trechet made an announcement that they were going to be vigilant against inflation, and it's simply the wrong battle to be fighting now. it's more about growth than inflation. >> suzanne: three weeks ago, you were on our program, and you told us that you were staying away from treasuries with your $20 billion fund, you were completely avoiding treasury. was that a mistake? >> no, not at all. we're very focused on the long-term and while treasuries had a tremendous day today -- we saw the long bond up four points, so rates really going to all-time lows and when you think about the long-term, that's not a very attractive rate of return. the market is clearly in a mode of flight to quality, looking for a safe haven but that's very short-sighted in the moment. i think that investors are reacting to what they remember about 2008, and so there is this crawl into the treasury market. a very fast pace to find that liquidity but you're giving up a lot of y
treasuries? >> we had weak economic data and then trechet made an announcement that they were going to be vigilant against inflation, and it's simply the wrong battle to be fighting now. it's more about growth than inflation. >> suzanne: three weeks ago, you were on our program, and you told us that you were staying away from treasuries with your $20 billion fund, you were completely avoiding treasury. was that a mistake? >> no, not at all. we're very focused on the long-term...
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soon enough u.s. treasury officials were pouring over the figures and went back to the company saying you've got some figures wrong. you've miscalculate. over the last few years. they went ahead with their decision saying effectively the dit plan which was due to shave $2 trillion or so off american spending wasn't enough. and it pointed the finger at both republicans and democrats for creating this crisis. it wanted to see about $4 trillion in spending cuts, obviously it certainly wasn't enough. so what does it mean in reality? what kind of imbact does it have for spending and interest rates across this country? analysts are divided on that point. some say it could automatically raise those interest payments from federal debt by about $75 billion or so a year. others say that the size of the u.s. economy will be able to effectively minimize the impact of this one credit downgrade. and after all, there are also two other main credit rating agencies, moody's and fitch. so unless they follow suits, the
soon enough u.s. treasury officials were pouring over the figures and went back to the company saying you've got some figures wrong. you've miscalculate. over the last few years. they went ahead with their decision saying effectively the dit plan which was due to shave $2 trillion or so off american spending wasn't enough. and it pointed the finger at both republicans and democrats for creating this crisis. it wanted to see about $4 trillion in spending cuts, obviously it certainly wasn't...
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where do they put their money coming into u.s. treasury bonds. >> unemployment was only at 9.1%. it shows you a lot that that counted as good news. everyone is looking for a sign that the u.s. is going into recession and there is more trouble on the way. even if they have not got that trigger, the underlying fact is that there is hardly any growth. it is not good news. we heard the president talked about his focus on jobs, but no new policies to create them. >> turning out to libya with the government had denied reports that one of colonel gaddafi's sons has has died. this is the second time this year that it has been reported that this particular son has been killed. rebels in the west of the country say they are running dangerously short of ammunition. they claim to have taken new ground in the outskirts. >> coming to bury a mother and her two young children. victims of a nato airstrike. it brought journalists to witness their funerals. nato says this is a command-and- control center. it is looking for more details. in the town center, there was quiet. it is still under governm
where do they put their money coming into u.s. treasury bonds. >> unemployment was only at 9.1%. it shows you a lot that that counted as good news. everyone is looking for a sign that the u.s. is going into recession and there is more trouble on the way. even if they have not got that trigger, the underlying fact is that there is hardly any growth. it is not good news. we heard the president talked about his focus on jobs, but no new policies to create them. >> turning out to libya...
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Aug 8, 2011
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bond yields, u.s. bond yields, treasury yields have fallen. the market is still considered -- the market has still considered the u.s. government aaa during this turmoil. in that sense, the bonds, which is what s&p is supposed to focus on, the s&p has been a failure. in terms of agreement, the president has one view of the world and republicans have another. i think that is why it will be the 2012 elections to make the changes we need. >> do you think there is a risk that we could be facing a double dip recession? >> i do not think we will get a double-dip recession in the u.s. as a matter of fact from i think the second half -- as a matter of fact, i think the second half will be a bit better than the first half. but it is like saying we're 0.25 miles per hour instead of 20 when we should be going -- we are going 25 miles per hour instead of 21 we should be going 75 miles per hour at this point. >> in other news, the high court has stopped authorities from deporting a boatload of refugees to malaysia. they have argued their transfer would be
bond yields, u.s. bond yields, treasury yields have fallen. the market is still considered -- the market has still considered the u.s. government aaa during this turmoil. in that sense, the bonds, which is what s&p is supposed to focus on, the s&p has been a failure. in terms of agreement, the president has one view of the world and republicans have another. i think that is why it will be the 2012 elections to make the changes we need. >> do you think there is a risk that we could...
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Aug 17, 2011
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they did it the treasury to prevent reiterated its call for lawmakers to work has to cut the u.s. budget deficit. >>> and amitai worries about the economy in europe weighed on u.s. stocks today and germany's economy stalled last quarter. the dow dropped 76 points. the bay area rapid transit systems as pressure one-week man may call it to shut down south -- made the call to shut down cell phone service in an effort to thwart protesters. they say that bar to the right thing but it's unlikely that the tactic would be used again. they pointed to a 1969 u.s. supreme court decision to bolster its congressional decision. >> they are our detailed plans their actions, based on a 1969 ruling based on very narrow circumstances you can do this for public safety. >> reporter: they told us is gathering information from bart about what happened. firefighters we talked with had mixed opinions -- bart riders that we talked with had mixed opinions. speech and says damage during yesterday's protest was limited to a world on station door and police tells us there tells us there were no restroom and t
they did it the treasury to prevent reiterated its call for lawmakers to work has to cut the u.s. budget deficit. >>> and amitai worries about the economy in europe weighed on u.s. stocks today and germany's economy stalled last quarter. the dow dropped 76 points. the bay area rapid transit systems as pressure one-week man may call it to shut down south -- made the call to shut down cell phone service in an effort to thwart protesters. they say that bar to the right thing but it's...
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Aug 6, 2011
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it would allowed treasury to keep them from doing business in the u.s.. it would give the irs some great enforcement tools like your use of john doe summonses which is when they go in and say what we know somebody is cheating. we just don't know his name. and, it also has a really important expansion of the anti-money laundering rules. another provision that we would really like to see is that it really increases penalties on aiders and abettors. the firms, the bid banks, a lot are participating in these deals. penalties they can face are fairly small. for an accounting firm it is $10,000 per violation. the irs was able to get ahold of it -- an internal memo of one of the big firms analyzing a particular deal where they said, our average fees per transaction are r. 360,000. are our maximum penalty is 31,000. well, i can do that math, right? the levin bill would increase the penalties to 150% of the gross income that the accountants and lawyers get from doing these kinds of deals, so we think that is critical. representative dodd also introduced a bill cal
it would allowed treasury to keep them from doing business in the u.s.. it would give the irs some great enforcement tools like your use of john doe summonses which is when they go in and say what we know somebody is cheating. we just don't know his name. and, it also has a really important expansion of the anti-money laundering rules. another provision that we would really like to see is that it really increases penalties on aiders and abettors. the firms, the bid banks, a lot are...
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Aug 7, 2011
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u.s. about $100 billion in lost tax revenue each year. this is about an hour and 20 minutes. >> thank you for coming. my name is sarah and on behalf of the open society foundation and the coalition, i would like to welcome you this morning. as you likely noted, the event is being filmed i c-span. it is live webcast and also filmed for booktv. so for those of you who don't know the open society foundations is a global grantmaking advocacy organization locus on good governance and human rights. the coalition which is just launched this week is the financial accountability and corporate transparency coalition. and it promotes greater accountability and transparency within financial institutions, corporations and governments. so the fact coalition focuses in the closing tax loopholes, requiring ownership information, strengthening anti-money-laundering laws, and making corporate tax contributions more transparent. so allow me to just briefly outline the problem that rebecca and nicholas are go
u.s. about $100 billion in lost tax revenue each year. this is about an hour and 20 minutes. >> thank you for coming. my name is sarah and on behalf of the open society foundation and the coalition, i would like to welcome you this morning. as you likely noted, the event is being filmed i c-span. it is live webcast and also filmed for booktv. so for those of you who don't know the open society foundations is a global grantmaking advocacy organization locus on good governance and human...
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Aug 6, 2011
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the down grade means u.s. treasures once seen as the safest investments in the world are now rated lower than bonds issued by countries including the u.k., germany or france. a treasury department source sells cbs news the decision to down grade is flawed. the news came after a wild ride on wall street. the dow finished 61 points higher after a better than expected july jobs report. >> 117,000 jobs is nothing to pop champagne corks over. >> reporter: investors are also worried about debt problems in europe. leaders there have called an emergency meeting because italy and spain may need massive bailouts to avoid defaulting on their debts. president obama acknowledged these are tough times. >> we will get through any. things will get better. >> the will in washington to spend doesn't appear to be there. we have to find some kind of magic bullet. >> reporter: they hope the federal reserve board will take steps to jump start the economy when it meets next tuesday. >> the down grading of the united states credit ra
the down grade means u.s. treasures once seen as the safest investments in the world are now rated lower than bonds issued by countries including the u.k., germany or france. a treasury department source sells cbs news the decision to down grade is flawed. the news came after a wild ride on wall street. the dow finished 61 points higher after a better than expected july jobs report. >> 117,000 jobs is nothing to pop champagne corks over. >> reporter: investors are also worried about...